VANCOUVER, British Columbia, Nov. 27, 2018 (GLOBE NEWSWIRE) -- FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (FWZ.V) is pleased to announce closing of the previously announced sale and purchase agreement with Teck Metals Ltd. (“Teck”), a subsidiary of Teck Resources Limited (TSX:TECK.A and TECK.B, NYSE: TECK), to acquire the Nidd Property on the western extension of the Macmillan Pass Zinc Project in Yukon, Canada. With this acquisition Fireweed has consolidated the Macmillan Pass Zinc District and now controls 544 square kilometers of highly prospective zinc claims including all four known large zinc mineralized systems in the region – Tom, Jason, End Zone and Boundary Zone – as well as many other zinc exploration targets including the entire highly prospective “fertile corridor” of exploration targets extending from Tom to the Boundary Zone and beyond (see attached map and Fireweed news release dated November 6, 2018 for details).
Under terms of the agreement, Fireweed acquired 100% interest in the 372 Nidd claims for a purchase price of 1,500,000 shares subject to a one year lock up, and Teck retains a 1% net smelter return royalty and has a right of first offer to purchase from Fireweed, future production concentrates from the Nidd Property.
“Adding the Nidd Property to our holdings is a major milestone and for the first time in history the Macmillan Pass Zinc District is consolidated under one owner, Fireweed. After the Tom and Jason properties, Nidd is an important piece of this district not just because of the established mineralization, but because of the property’s prospectivity for the discovery of new mineralized bodies. We are thrilled to have made this transaction and welcome Teck as a major shareholder,” stated Fireweed CEO Brandon Macdonald.
Technical information in this news release has been approved by Brandon Macdonald, P.Geo, CEO and a ‘Qualified Person’ as defined under Canadian National Instrument 43‑101.
About Fireweed Zinc Ltd. (FWZ.V): Fireweed Zinc is a public mineral exploration company focused on zinc and managed by a veteran team of mining industry professionals. The Company is advancing its large 544 km2 Macmillan Pass Project in Yukon, Canada, which is host to the 100% owned Tom and Jason zinc-lead-silver deposits with recently announced Mineral Resources and a PEA economic study (see Fireweed news releases dated January 10, 2018 and May 23, 2018 respectively and reports filed on www.sedar.com for details) as well as the Boundary Zone and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes option agreements on other large blocks of adjacent claims (MAC, MC, MP, Jerry, BR and NS) which cover exploration targets in the district where previous work identified zinc, lead and silver geochemical anomalies in critical host geology.
ON BEHALF OF FIREWEED ZINC LTD.
CEO & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain “forward-looking” statements and information relating to the Company and the Macmillan Pass Project that are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company’s operations, the sufficiency of working capital and funding for continued operations, title matters, First Nations relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, and one-time events. Additional risks are set out in the Company’s prospectus dated May 9, 2017 and filed under the Company’s profile on SEDAR at www.sedar.com. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b1055cb6-76ac-4981-a8e3-15c772e0b00c